Oxfam Calls for Wealth Tax as Australian Billionaires Earn $67,000 an Hour

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Oxfam Australia's latest analysis reveals that the nation's 47 billionaires collectively earn an astonishing average of A$67,000 an hour, which is over 1,300 times the earnings of the average Australian worker. This report, titled "Takers Not Makers," highlights a more than 8% increase in billionaire wealth over the past year, amounting to approximately A$28 billion, equating to A$3.2 million an hour.

It is estimated that the number of billionaires in Australia may be as high as 150, according to the Australian Financial Review’s 2024 rich list. The report attributes the rise in wealth to various factors, including inheritance and the impacts of colonialism, particularly in resource extraction industries like mining.

Top Australian billionaires include Gina Rinehart, valued at US$30 billion, and Andrew Forrest, estimated at US$16.3 billion, both of whom have amassed wealth primarily through mining ventures. Oxfam Australia's chief executive, Lyn Morgain, pointed out that a significant portion of this wealth is tied to unearned privilege, suggesting that 35% of billionaire wealth is inherited.

Morgain called for a relatively modest wealth tax of 2-5% on billionaire fortunes, arguing that this would significantly boost public funding for essential services such as education and healthcare. As the federal election approaches, Oxfam urges political leaders to implement measures ensuring the wealthiest contribute their fair share in taxes.

Oxfam has also raised concerns about the growing wealth disparity, predicting the emergence of at least five trillionaires within a decade, as the acceleration of billionaire wealth continues.

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